Apple executives are now live on stage at the Yerba Buena Arts Center in California, where the company just unveiled the iPhone 5.

“Today we’re introducing iPhone 5… It’s made entirely of glass and aluminum,” announced Apple Worldwide Marketing Senior Vice President Phillip Schiller. “You see we’re able to add a fifth-row of icons.”

“This is the most accurate display in the industry,” Schiller said. “The touch sensors are integrated into the display itself. We removed a layer and made it sharper. This is the world’s most advanced display. I could not be prouder of it.”

“With iOS 6 and iCloud, we have new feature called shared photo streams,” Schiller said. “But perhaps the most amazing new feature in the iPhone 5 is called ‘Panorama.'”

Audio:

“Everything has been updated in iPhone 5, and that goes for the audio system as well…Three microphones, bottom, front, and back,” Schiller said. “With wideband audio, we can fill up more of the frequency spectrum. We’ll have 20 partners on this at launch.”

iOS 6:

“iOS 6 is the most advanced OS for any phone,” Schiller said. “And it powers the iPhone 5.”